-112312.jpg "Click to enlarge")
11/23/2012 German IFO Business Climate (2300 HI time / 0400 EST)
Forecast: 99.6
Actual: 101.4
Previous Revision: n/a
SPIKE WITH 2ND PEAK
Started @ 1.2882 (2302)
1st Peak @ 1.2908 – 2304 (2 min)
26 ticks
Reversal to 1.2898 – 2305 (3 min)
10 ticks
2nd Peak @ 1.2916 – 2308 (6 min)
34 ticks
Reversal to 1.2893 – 2317 (17 min)
23 ticks
Notes: The reading came in 1.8 points above the forecast to impress, but was delayed 2 min in the release. This caused a 26 tick long spike on 2 bars (mostly on the :03 bar) that crossed all 3 major SMAs, the R1 Pivot, then peaked 1 tick below the R2 Pivot. With JOBB you would have see the bracket appear, then waited on the report release. In this situation, you can either cancel the trade, or shift your bracket wider due to the delay and risk of a wrong direction fill. Expanding the bracket around the anchor to 8 ticks would have been safe and seen a long fill at about 1.2892 with no slippage. Look to exit with about 13 ticks near the top of the :01 bar. After the initial peak, it pulled back for 10 ticks, then ascended again for a 2nd peak of 34 total ticks to extend the HOD by 3 ticks. The reversal gave back 23 ticks relatively quickly in the next 9 min to nearly reach the 50 SMA.